Source: Inman News –
The number of homes on the market surged by 8.65 percent from May to June, but still remained slightly below levels seen a year ago, realtor.com reports.
Home sales likely crested sometime in July, but the market should hold strong into August and September, realtor.com Chief Economist Jonathan Smoke told Inman News.
In recent years, home sales had started off strong in the first part of the year but had weakened in the third quarter, Smoke said. The strong June realtor.com stats indicate a hardier market, less susceptible to the volatility seen in recent years, he said.
Low inventory is still the limiting factor in many markets, Smoke said. But rising prices haven’t dampened demand, as illustrated by the drop in monthly and annual median age of realtor.com’s inventory to 76 days in June. That, coupled with the surge in inventory, leads Smoke to think that 2014 housing market’s best days were still ahead in June.
Read the full story at Inman.com
Source: Sacramento Bee –
Home equity loans and lines of credit are making a comeback.
Not long ago, homeowners who had some equity often used cash-out refinances to pay for home remodeling, to consolidate debt or pay for a child’s school tuition. But that was when mortgage rates were lower. As mortgage interest rates increase, making refinancing less attractive, many are now considering getting a HELOC or a home equity loan.
First, let’s start by defining the terms.
HOME EQUITY LOAN
A home equity loan is a second mortgage for a fixed amount, at a fixed interest rate, to be repaid over a set period.
Read the full story at SacBee.com
Source: San Jose Mercury News –
There was a time when a million-dollar home was something families drove by on a Sunday outing to get a glimpse of how rich folks lived. But now they’re more common than Starbucks, at least around here.
Fueled by the booming tech economy and seemingly insatiable demand for housing, the Bay Area set records in the second quarter of this year in the number of homes sold for $1 million or more as well as those costing at least $2 million, a real estate information service said Thursday.
In the nine-county region, 5,734 homes sold in the April-June period for at least $1 million, representing a staggering 24.5 percent of all sales of new and existing homes and condos, according to CoreLogic DataQuick. The previous peak was 5,699 in the second quarter of 2005.
The biggest number of such sales was in Santa Clara County, which had 1,791, its largest total ever. San Francisco also set a record with 857 $1 million-plus sales.
Read the full story at MercuryNews.com